Nickel prices surged to a two-year high due to Indonesia's quota cuts and sulfur shortages.

Nickel prices surged to a two-year high of $19,350 per ton, driven by Indonesia's quota cuts and sulfur shortages, while the Iran-Iran conflict also pushed up raw material costs.

April 27, 2569 at 09.32:XNUMX, Bloomberg reported that Nickel prices surged to their highest intraday level in nearly two years, driven by tighter supply conditions. Both the reduction in mining quotas in Indonesia, a major global producer, and the global sulfur shortage are impacting the metal supply chain for batteries.

Futures contracts on the London Metal Exchange have risen by around 10% since the conflict in Iran, which has driven up sulfur prices and fueled concerns about disruptions to global mining operations, including mixed-hydroxide precipitate (MHP) production in Indonesia and copper extraction in Africa.

Other base metals markets showed mixed trends, as investors assessed the likelihood of ending the war following reports that Iran had made a new offer to the United States to reopen the Strait of Hormuz.

Indonesia's nickel mining industry was already facing pressure after the government reduced production quotas to support market prices. Meanwhile, Jinrui Futures indicates that market sentiment remains positive, with investors expecting further support from MHP's production cuts.

Nickel prices rose by as much as 1.8% to $19,350 per ton, their highest level since June 2567, before fluctuating at $19,260 per ton in early trading in Shanghai. Copper prices gained slightly by 0.1% to $13,325 per ton, while tin fell 0.4% to $50,150 per ton.

refer : bloomberg.com

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